Compliance News Alert: Nebraska Net Tangible Benefits Disclosure
Feb 3, 2021
Today, FNMA announced that they will begin retiring adjustable-rate mortgage products which are based on the Constant Maturity Treasury (“CMT”) index (see FNMA LL-2021-05). Of particular interest is the following:
“To be eligible for delivery to Fannie Mae, all CMT ARMs must have application dates on or before June 30, 2021. In addition, all CMT ARMs must be purchased as whole loans on or before Sep. 30, 2021 or delivered into MBS pools with issue dates on or before Sep. 1, 2021.”
We are currently reviewing this announcement to determine any impact, and evaluating any modifications, to our document library and/or systems. Any modifications we make as a result will be announced on our website.
TW 331321
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.